Symbotic (NASDAQ:SYM) Stock Price Down 2.4% - Here's What Happened

Key Points

• Symbotic Inc. shares fell by 2.4% to $50.48, with trading volume dropping significantly to about 688,349 shares, down 65% from its average daily volume.
• Recent analyst ratings show a mixture of opinions, with seven analysts giving buy ratings, while a consensus rating of "Hold" is accompanied by an average target price of $42.69.
• The company reported a revenue increase of 25.9% year-over-year, but missed earnings expectations with a loss of $0.05 EPS compared to analysts' predictions of $0.03.

Symbotic Inc. (NASDAQ:SYM - Get Free Report)'s share price dropped 2.4% during trading on Wednesday . The company traded as low as $49.75 and last traded at $50.48. Approximately 688,349 shares changed hands during trading, a decline of 65% from the average daily volume of 1,989,605 shares. The stock had previously closed at $51.73.

Wall Street Analyst Weigh In

SYM has been the topic of a number of recent analyst reports. Citigroup reiterated a "buy" rating on shares of Symbotic in a report on Monday, July 14th. Needham & Company LLC lifted their price target on Symbotic from $32.00 to $57.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Robert W. Baird lowered Symbotic from an "outperform" rating to a "neutral" rating and set a $55.00 target price on the stock. in a research note on Thursday, August 7th. Arete lowered Symbotic from a "buy" rating to a "neutral" rating and set a $50.00 target price on the stock. in a research note on Friday, July 25th. Finally, Northland Securities boosted their target price on Symbotic from $35.00 to $56.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $42.69.

Symbotic Trading Up 3.8%

The firm has a market capitalization of $31.65 billion, a PE ratio of -766.75, a P/E/G ratio of 53.38 and a beta of 2.06. The firm has a 50 day simple moving average of $44.01 and a 200 day simple moving average of $31.04.

Symbotic (NASDAQ:SYM - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.03 by ($0.08). The firm had revenue of $592.12 million during the quarter, compared to analysts' expectations of $533.55 million. Symbotic had a negative return on equity of 2.02% and a negative net margin of 0.38%. The business's quarterly revenue was up 25.9% on a year-over-year basis. During the same quarter last year, the business earned ($0.02) earnings per share. Research analysts forecast that Symbotic Inc. will post 0.13 earnings per share for the current year.

Insider Transactions at Symbotic

In related news, Director Daniela L. Rus sold 11,705 shares of the firm's stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $59.00, for a total value of $690,595.00. Following the transaction, the director directly owned 11,024 shares of the company's stock, valued at approximately $650,416. This trade represents a 51.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider William M. Boyd III sold 25,000 shares of the firm's stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $49.00, for a total value of $1,225,000.00. Following the completion of the transaction, the insider directly owned 34,544 shares in the company, valued at approximately $1,692,656. This represents a 41.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 108,241 shares of company stock valued at $5,492,282. Corporate insiders own 0.60% of the company's stock.

Institutional Investors Weigh In On Symbotic

Several large investors have recently made changes to their positions in the company. Walmart Inc. purchased a new position in shares of Symbotic during the fourth quarter valued at approximately $355,650,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Symbotic by 16.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,343,902 shares of the company's stock valued at $27,155,000 after buying an additional 187,538 shares during the period. Raymond James Financial Inc. boosted its position in shares of Symbotic by 12.1% during the first quarter. Raymond James Financial Inc. now owns 980,922 shares of the company's stock valued at $19,824,000 after buying an additional 105,616 shares during the period. Invesco Ltd. boosted its position in shares of Symbotic by 25.9% during the fourth quarter. Invesco Ltd. now owns 727,890 shares of the company's stock valued at $17,258,000 after buying an additional 149,918 shares during the period. Finally, Exchange Traded Concepts LLC boosted its position in shares of Symbotic by 18.0% during the first quarter. Exchange Traded Concepts LLC now owns 680,734 shares of the company's stock valued at $13,758,000 after buying an additional 104,068 shares during the period.

Symbotic Company Profile

Symbotic Inc, an automation technology company, engages in developing technologies to improve operating efficiencies in modern warehouses. The company automates the processing of pallets and cases in large warehouses or distribution centers for retail companies. Its systems enhance operations at the front end of the supply chain.

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